OCBC fails to sell United Engineers stake to Thai billionaire

The exclusivity agreement has lapsed.

OCBC and Great Eastern Holdings have revealed that the proposed sale of their 34.1% stake in United Engineers will not be pushing through.

The possible stake sale was first announced in August 21. The potential buyer was TCC Top Enterprise Limited, a company controlled by Thai tycoons Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi.

OCBC and GEH have entered an exclusivity agreement with TCC, but the the agreement lapsed without reaching a consensus on the appropriate transaction structure for the deal.

Had the deal pushed through, Sirivadhanabhakdi would have been compelled to launch a mandatory takeover offer for UEL under Singapore’s listing rules.